Stablecoins drive demand for Treasuries and are fundamental to the US economy – Cantor Fitzgerald CEO
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Howard Lutnick, CEO of Cantor Fitzgerald, spoke at the Chainalysis conference in New York and highlighted the benefits of stablecoins for the US economy. He expressed support for properly backed stablecoins like Tether and Circle, stating that they drive demand for US Treasuries and are fundamental to the US economy. Lutnick dismissed concerns that stablecoins pose a systemic risk and instead identified central bank digital currencies (CBDCs) as a potential danger due to government surveillance. He also predicted the tokenization of financial assets and the growth of the tokenization market. Tether CEO Paolo Ardoino echoed the sentiment that stablecoins, particularly the US dollar, have a place on the blockchain and can enhance transparency and reduce counterparty risk. The article also mentions recent developments in the stablecoin space, including Ripple's plan to launch a stablecoin and PayPal's use of its stablecoin for cross-border money transfers. Crypto investor Ryan Sean Adams believes that stablecoins will gain traction in the US due to the interest of financial giants like BlackRock and the banks. He predicts that stablecoins will be backed by banks and lobby for stablecoin legislation. The article concludes by noting the increasing popularity of stablecoins as a pathway to blockchain adoption.
#Stablecoins #Treasuries #UsEconomy #Blockchain #Tokenization